4runner hands down
The Cherokee: Pro's are they are usually cheap to buy and lift kits are decently cheap, in the 400 to 1000 range for a 4 or so inch lift they have axles front and rear, lots of after market support and thats about it.
Con's are they have a weak unibody, the axles they come with are super weak, they are a little top heavy at least the ones ive been in seem like it, the the engines arent the greatest and some of the trannys and transfer cases they came with sucked hard core but that depends on the year you get, i have a huge article on the best years to get, and they are hard to fab too.
4runner: Pro's are it has a very sturdy frame, if you go with a 85 it has a axle in front, axles are built strong if you go with a V6 axle it is 30spline 4pinion axles, they have a very low center of gravity, the motors run for ever and have great power for their size, loads of after market support, easy to fab with and build suspensions on, everything almost is interchangable, low geared axles from the factory for the most part, they are sexy!
Con's are If you go with anything other than a 85 you would have to solid axle swap it, engines are not really powerful so not speed demons on the road, V6 transfer cases are chain driven, they are a little heavy if its a 2nd gen 1990 to 1995, other than that they are great
I'm sure i left out some points on both the pro's and con's on both but im sure others will chime in and disagree or agree but i did my best to answer your question, mind you i have wheeled in and with cherokees but have not owned one